India's renewed cellphone production incentives boosted manufacturing and exports, becoming a global player. Yet, success is tempered by continued subsidy reliance and import-driven exports, questioning true competitiveness. The policy needs a longer window, a robust domestic component ecosystem, and advanced chip development. With AI-robotics threatening factory work, India must accelerate its competitive edge. Acquiring overseas businesses is suggested for technological leapfrogging. The ultimate goal: shift from production-linked to value-linked incentives for sustainable global success.